Private Portfolio Partners LLC Takes Position in 3M (NYSE:MMM)

Private Portfolio Partners LLC purchased a new stake in 3M (NYSE:MMM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,132 shares of the conglomerate’s stock, valued at approximately $225,000.

A number of other institutional investors have also bought and sold shares of MMM. Newton One Investments LLC acquired a new stake in 3M in the second quarter valued at $37,000. Anfield Capital Management LLC acquired a new stake in 3M in the second quarter valued at $37,000. Lake Point Wealth Management acquired a new stake in 3M in the second quarter valued at $38,000. Smith Asset Management Group LP acquired a new stake in shares of 3M during the second quarter worth about $40,000. Finally, tru Independence LLC acquired a new stake in shares of 3M during the second quarter worth about $46,000. Institutional investors own 66.82% of the company’s stock.

NYSE MMM opened at $179.09 on Wednesday. 3M has a 52-week low of $156.13 and a 52-week high of $208.95. The business’s 50-day moving average price is $194.82 and its 200 day moving average price is $196.54. The firm has a market cap of $103.63 billion, a P/E ratio of 17.54, a P/E/G ratio of 1.92 and a beta of 0.96. The company has a quick ratio of 1.22, a current ratio of 1.73 and a debt-to-equity ratio of 1.12.

3M (NYSE:MMM) last announced its quarterly earnings data on Monday, July 26th. The conglomerate reported $2.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.28 by $0.31. 3M had a return on equity of 44.72% and a net margin of 17.13%. The company had revenue of $8.90 billion for the quarter, compared to analyst estimates of $8.59 billion. During the same quarter in the previous year, the company earned $1.78 EPS. The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year. As a group, analysts anticipate that 3M will post 10.11 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 12th. Shareholders of record on Monday, August 23rd were issued a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend was Friday, August 20th. 3M’s dividend payout ratio is presently 67.73%.

In other news, insider Eric D. Hammes sold 1,765 shares of 3M stock in a transaction that occurred on Tuesday, August 3rd. The shares were sold at an average price of $201.83, for a total transaction of $356,229.95. Following the completion of the sale, the insider now directly owns 6,756 shares in the company, valued at approximately $1,363,563.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Denise R. Rutherford sold 3,135 shares of 3M stock in a transaction that occurred on Monday, August 2nd. The shares were sold at an average price of $198.17, for a total transaction of $621,262.95. The disclosure for this sale can be found here. Insiders sold a total of 20,666 shares of company stock worth $4,103,569 in the last ninety days. 0.34% of the stock is owned by corporate insiders.

MMM has been the topic of a number of research analyst reports. Argus lifted their target price on 3M from $220.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, July 28th. They noted that the move was a valuation call. Deutsche Bank Aktiengesellschaft lifted their target price on 3M from $196.00 to $201.00 and gave the stock a “hold” rating in a research report on Wednesday, July 28th. Morgan Stanley lifted their target price on 3M from $200.00 to $213.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 28th. Wolfe Research cut 3M from a “peer perform” rating to an “underperform” rating and cut their target price for the stock from $218.00 to $215.00 in a research report on Monday, July 12th. Finally, Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $208.00 price target on the stock in a report on Friday, August 6th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $196.85.

3M Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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